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the deficits. we invade a sovereign nation without declaring war, without paying for it called iraq. medicare prescription drugs was passed that added $8 trillion in new unfunded promises when medicare was already unfunded by $20 trillion. >> he's talking back in 2003. do republicans have a short memory or are they truly getting religion on debt here. >> they may have religion now, christine, but their conversion has been awfully recent. on many issues like bailout, prescription drug benefit, most republicans, including obviously paul ryan have done a lot. let me make one other point. in these ten years you cite i've heard people for decades say if we don't do anything about the deficit, the interest rate will go straight up. for those years we didn't do anything about the deficit and interest rates went straight down. here is the problem. 70% of our new debt in the last year and a half has been purchased by federal reserve. we are self-dealing in our own debt. we are artificially keeping down interest rates to pump up the economy to try to help the housing market. most of the rest of our deb
east. we're out of iraq. we're going to be coming out of afghanistan. that's better, but we're still overconfident and overextended, and our fiscal situation is much worse. >> all right. university of california editor peter peopleary joins us. >> christine, i don't see this as rome before the fall but a lot of neros fiddling. what i see is more of a scenario right after the wall street crash in 1929. if you look at what was happening around the globe then, we basically had a clachts international monetary system as they abandoned the gold standard. now we have europe in chaos and the euro about to implode. we have a budding trade war around the globe, and basically we have a very rapid militarization of a very totalitarian power and in europe germany now is basically the dominant force. once again it's a very unstable equilibrium for our economy. >> what do we do, peter navarro, to make sure that we stay dominant in this new global economy? >> the central fact of our economic life, christine, is prior to 2001 we grew at a rate of 3.5% gdp. since that time we've grown at a rate of 1.
of that went to the iraqi war, 3 trillion. we got out of iraq, and you see today our being there did very little good despite the horrendous losses. >> the fiscal cliff will take care of the defense spending. >> we've got to hit not just discretionary spending for health and welfare and education and transportation that we all benefit from, we've got to hit those areas like atomic weapons whe we still are fighting the cold war so there's a lot that can be done to reduce taxes without cutting into the things that we really care about. >> let's show the federal government budget breakdown. the biggest part of the government breakdown, medicare, social curity, defense are next and the other safety net programs, food stamps and affordable housing and interest payments on our debt, incredibly important. everything else goes into the remaining 20%. we'll grant hypothetical second term to obama, what do you start cutting, compassionately what do you start cuting? >> i don't know that you can cut compassionately and i don't know if obama will cut at all. this spending has been sanctioned by the a
Search Results 0 to 5 of about 6 (some duplicates have been removed)